In this work, we developed a simulation model to evaluate the effect of frequency dispersion effects on the time-varying magnetic field (TMF)-induced transmembrane potential (TMP) of cells. The simulation results show that the effect of frequency dispersion effect on TMP is not obvious when the frequency of the time-varying field is low, but when the frequency of the time-varying field exceeds 20 MHz, there is a large enhancement of TMP, and the effect of frequency dispersion effect on TMP becomes more and more obvious as the frequency increases. In addition, by comparing the distribution patterns of induced electric field and TMP on the cell membrane and the effect of dispersion effect on both, the feasibility of the TMP calculation model with dispersion effect constructed in this paper is demonstrated.